Naira slides to N500/$ at parallel market
The naira has depreciated further to N500 against the U.S. dollar at the parallel market on Tuesday.
According to abokiFX (abokifx.com), a website that collates parallel market rates in Lagos, the naira closed at N498.00, this represents a 0.61 per cent depreciation from N495.00, the rate it exchanged hands with the hard currency in the last three consecutive sessions.
The currency remained stable against the U.S. dollar at the Investors and Exporters (I&E) window on Tuesday.
Data posted on the FMDQ Exchange where forex is officially traded showed that the naira closed at N412.00, the same rate it traded in the previous session on Monday.
In the same session, the currency’s performance on Tuesday became effective as foreign exchange supply plummeted further by 22.74 per cent, with $96.91 million posted as against $125.44 million.
The naira experienced an intraday low of N420.33 and a high of N400.00 at the Nafex window, like in the previous session on Monday.
With this, the spread between the black market and official market rates currently is pegged at N86.00, translating to a margin of 17.27 per cent as of the close of business on Tuesday.
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
Rights
UTME: JAMB’s AI plan could exclude visually impaired candidates, CITAB warns
Mr Fenemigho, however, warned that without deliberate preparations, the initiative could remain an ambitious idea rather than a project.
Sport
FIFA, Adidas unveil 2026 World Cup final match ball Â
The match ball is inspired by the FIFA World Cup trophy, featuring a striking white, black, and gold design.
Heading 4
Tinubu directs probes of X, Meta over alleged exploitation of news content
Mr Ijagwu said that under the new investigation, areas of interest include allegations of market dominance and potential anti-competitive conduct.
Heading 1
Tinubu hails Nigerian Army’s role in national, regional security
Mr Tinubu said the army’s contributions have safeguarded Nigeria’s sovereignty while strengthening peace and stability across Africa and beyond.
Education
Security agencies working to rescue abducted pupils, teachers, Oyo govt tells families
The state government said in a statement on Monday that it remained fully committed to ensuring the victims’ safe return to their families.
Sport
2026 World Cup: ‘You’ve been trying to kill me for 23 years,’ Ronaldo tells journalists
Ronaldo condemned some journalists who have taken pleasure in casting a harsh spotlight on him, saying it had been the same since he was 18 years old.
